Belbridge Consulting offer a range of regulatory consultancy services tailored to firms trading within the European commodities and derivatives markets.
Most firms utilise their own compliance teams to analyse new regulatory requirements. However, this normally focusses on the legal meaning of the texts and whether this is applicable to that firm or not. What results from that exercise is often a list of requirements from the texts which become the basis of scope for a combined IT and business project of work.
However, what is often missing here is the bridge between the legal texts and how that actually works within that firms systems, processes and controls. Stating that ‘EU physical power trades are reportable under REMIT’ is fine, but the depth is in understanding where those trades are booked, if there are any off-system trades or approximate bookings, how many venues are actively used for trading EU power, how many of these venues have trade pumps to internal systems, how many of these need enrichment before they can be reported, what happens with deal amendments, cancellations, etc.
Our expert consultants have many years of hands on experience in the major commodity markets across Europe – along with deep experience of the transaction reporting and trade surveillance regulatory regimes that have developed in recent years.
The regulatory future looks to continue to grow in complexity, with a revised EMIR in 2017, the rollout of MiFID2 / MiFIR expected in January 2018, followed by potential changes to regulatory regimes within the UK following Britain’s planned exit from the European Union.
Some examples of recent European regulations we can provide assistance and expertise within are;
By utilising our knowledge and expertise to supplement your internal project teams, you can be assured that your regulatory compliance programmes are able to both understand the legal texts but also to translate these abstract terms into real meaningful requirements that are unique to your firm and its operational processes.
A solid understanding of how a new regulation truly affects the day to day trading and operational processes within your firm will ensure that your project team has the best possible information in order to deliver the right solutions and to allow your firm to meet its regulatory obligations.